George Inc applies manufacturing overhead on the basis of machine hours. Overhead is estimated to be $1,080,000 and machine hours are estimated to be 40,000. Actual machine hours for the year amounted to 42,000 hours and actual overhead amounted to $1,200,000. 1. What is George's predetermined overhead rate? 2. What amount was applied to manufacturing overhead? 3.At the end of year, was manufacturing overhead over- or under-applied? 4. Refer to the previous question. By what amount was manufacturing overhead over- or under-applied, if any